Jesup & Lamont Upgrades Patterson-UTI Energy (PTEN) to Hold; Long-Term Strategy Returning Value
PTEN Hot Sheet
Rating Summary:14 Buy, 7 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 1
Jesup & Lamont upgrades Patterson-UTI Energy (Nasdaq: PTEN) from Sell to Hold.
Jesup analyst says, "Patterson is the second largest onshore contractor in North America with approximately 350 rigs and 6 rigs under construction. The company has indicated its plans to expand its fleet through acquisitions and increased newbuilds. Patterson has long been the onshore drilling company with little or no debt and its long term strategy continues to return value to shareholders...We have upgraded our rating to HOLD from SELL rating based on the current commodity environment and the current outlook...Our new earnings estimates for 2009 are ($0.26) per share up from ($0.30) per share and ($0.33) per share up from ($0.35) per share for 2010."
To see more analyst ratings on PTEN Click Here.
Patterson-UTI Energy, Inc., together with its subsidiaries, provides onshore contract drilling services to independent oil and natural gas operators in North America.
Jesup analyst says, "Patterson is the second largest onshore contractor in North America with approximately 350 rigs and 6 rigs under construction. The company has indicated its plans to expand its fleet through acquisitions and increased newbuilds. Patterson has long been the onshore drilling company with little or no debt and its long term strategy continues to return value to shareholders...We have upgraded our rating to HOLD from SELL rating based on the current commodity environment and the current outlook...Our new earnings estimates for 2009 are ($0.26) per share up from ($0.30) per share and ($0.33) per share up from ($0.35) per share for 2010."
To see more analyst ratings on PTEN Click Here.
Patterson-UTI Energy, Inc., together with its subsidiaries, provides onshore contract drilling services to independent oil and natural gas operators in North America.
You May Also Be Interested In
- UPDATE: UBS Upgrades Westlake Chemical (WLK) to Neutral; Fairly Valued Now
- UPDATE: UBS Upgrades Assured Guaranty (AGO) to Buy; Opportunity Opens After Recent Dip on Moody's Review
- BMO Capital on NetApp (NTAP): Could Attract Interested Parties At These Levels; Prefers EMC
Create E-mail Alert Related Categories
UpgradesRelated Entities
Jesup & LamontSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
